Resistance At The 50-Day EMA Remains Intact

• RES 4: 136.67 38.2% retracement of the Oct 21 - Jan 16 bear leg
• RES 3: 134.77 High Jan 6 and a key resistance
• RES 2: 134.54 Low Dec 14
• RES 1: 132.77/90 50-day EMA / High Feb 6
• PRICE: 131.57 @ 06:55 GMT Feb 90
• SUP 1: 130.35 Low Feb 9
• SUP 2: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
• SUP 3: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
• SUP 4: 126.36 Low May 24 and a key support

USDJPY continues to trade below the 50-day EMA, at 132.77. This average represents a key short-term level and a clear break is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high. The broader trend direction remains down and recent gains are considered corrective. Firm support to watch is at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.